Middle East crude benchmark spot premiums of Oman and Dubai extended gains on Tuesday, amid export disruptions from Venezuela, while that of Murban declined.

Tanker loading in Venezuela dwindled on Monday, with most ships moving oil cargoes only between domestic ports following U.S. action against two more ships and as state-run energy company PDVSA struggles to recover from a cyberattack, according to tracking data and sources.

SINGAPORE CASH DEALS

Cash Dubai’s premium to swaps rose 19 cents to 70 cents a barrel.

Hengli will deliver two February-loading Upper Zakum crude cargoes, one to Total and one to Glencore following the deals.

Vitol will deliver a February-loading al-Shaheen crude cargo to Glencore following the deals.

ExxonMobil will deliver a February-loading Upper Zakum crude cargo to Glencore following the deals.

NEWS

The volume of oil stored on board ships in Asian waters, which has tripled since September to a three-year high, is poised to decline as producers of sanctioned oil slow exports and Chinese refiners ramp up buying, trade sources and analysts said.

Norway’s combined oil and gas production beat an official forecast by 0.9% in November, the Norwegian Offshore Directorate (NOD) said on Tuesday.

Oil exports via the Caspian Pipeline Consortium’s network are expected to rise 18% to 74.4 million metric tons this year, Nikolai Tokarev, head of Russia’s pipeline monopoly Transneft TRNFP, told the company’s in-house magazine on Tuesday.
Source: Reuters